Cleveland Browns sold for over $1 billion dollars
Fri, 03 Aug 2012 00:29:53 GMT — The Cleveland Browns Randy Lerner reportedly agreed to sell a majority stake in the team to Jimmy Haslam for over one billion dollars. Haslam is the CEO of the Tennessee-based Pilot Flying J Corporation, and also happens to be a minority stockholder in Cleveland's rival - the Pittsburgh Steelers.Lerner will sell 70 percent of the team to Haslam now and the other 30 percent in four years. ESPN reported the sale price was over $1 billion - a deal Lerner jumped on knowing the estimated value of the team was priced at $977 million last year by Forbes magazine. The sale is subject to a review by the NFL and a vote of the leagueâ??s owners in late September. The mayor of Cleveland said the Browns are not moving again because the city has a lease with the team through 2029.